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Chana Trade Mixed At Major Spot Markets

14 Jul 2020 7:25 pm
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Mumbai (Commodities control) – Chana prices were mixed in a narrow range, as per quality, on Tuesday, in major markets amid limited mill buying and ongoing arrivals.

Actual demand in chana dal and besan from consumption centres was reported to be negligible.

Meanwhile, sentiments are dampened on NAFED's liquidation of old stock of chana in selected states. However, Nafed is not interested in liquidating stock below Rs 4,500/100Kg.

Moreover, free distribution of Chana is on Cards in PM Garib Kalyan Anna Yojana that has been extended by 5 months till November end. This will also affect the demand.

Trade activity is lukewarm as some markets are shut due to lockdown and labour shortage.

As on July 11, 2020, NAFED has successfully procured 2123324.7 MT of Chana at Minimum Support Price of Rs 4,875.

Chana for July delivery on National Commodity and Derivatives Exchange (NCDEX) settled 1 percent or Rs 41 higher at Rs 4,073/100kg. Earlier in the day, the contract hovered in the range of Rs 4,033 and 4,077.

Open interest of top 10 trading clients in the long side was 41710 MT, whereas the short position of top ten clients was 50370 MT. The net position of top 10 clients was net short by 8660 MT.

Open interest for NCDEX July contract decreased to 2630 lots against 4250 lots.

On the other hand, Open interest for August contract increased to 78880 lots against 76600 lots.

Similarly, Open interest for September contract also up to 13400 lots against 12190 lots.

Chana stocks at NCDEX accredited warehouses stood at 67345 metric tonnes as on 13th July, up from 67184 metric tonnes in the previous session, the exchange data showed.

As per market talk, current levels of Chana prices are attractive for millers/traders due to cheaper pulses and reducing arrivals. Even consumption is likely to increase in coming days as festive period begins next month till Diwali. Meanwhile, prices in spot markets traded much below MSP of Rs 4,875.

Spot Chana Prices In Key Indian Markets:

(By Commoditiescontrol Bureau; +91-22-40015513)

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